Maximizing Digital Banking & Touchless Interactions Amid Coronavirus
Many CUs will need to lean more heavily on their digital banking capabilities to support the evolving needs of consumers, businesses and employees.
At a time when staying connected has become heavily focused on touchless interactions and the capabilities of the digital channel, consumers and businesses are increasingly leaning on digital banking to manage their financial lives. And as many are faced with new financial challenges and hardships during these uncertain times, they are reaching out to their financial institutions for support and guidance.
Even as states begin to lift restrictions and the economy begins to reopen, social distancing will be fixed into our new normal for the foreseeable future. Many financial institutions will find that they need to lean more heavily on or expand their digital banking capabilities to support the evolving needs of consumers, businesses and their employees.
As we all work to protect our health and well-being, there are several ways financial institutions can support their users and employees amid the coronavirus pandemic – through digital and touchless experiences.
Reinforce Your Employee Support Resources
As call volumes fluctuate, in-branch operating hours and services evolve and requests for financial assistance continue to increase, ensuring your employees have the tools they need to assist your users is vital. With many continuing to work remotely from home and others adjusting to new work demands, your employees may find themselves needing extra support.
Many digital banking providers develop training tools and resources when new features and capabilities are introduced to the market. Contact your provider to understand what materials they have available. Share these resources with your employees and encourage them to refresh and expand their knowledge so they can more efficiently service your users. Also, provide your call center staff with scripts to encourage the use of digital banking and live chat, for fast and secure access to answers in the future.
Strengthen Your Communication
Now is the time to provide proactive and thoughtful communication – maximizing every communication channel and tool at your disposal – including those within your digital banking platform.
Actively communicate the services you offer that provide financial assistance and support, such as budgeting tools or the ability to skip a payment. Reach your users in their moment of need by promoting these services upon login or through banner ads in online and mobile banking as well your website and call center on-hold messaging. Provide timely information about changes to branch hours and other critical information by leveraging your social channels, like LinkedIn and Twitter, or using push notifications. Include links to your social channels in your online and mobile banking navigation.
Embrace Personalization
Consumers crave individualized experiences and they expect their financial institutions to be able to anticipate their needs and provide relevant and personal advice and guidance. In times like these, as many consumers and businesses are faced with reduced or lost income, the need for personalized financial assistance has become increasingly important.
Look at transactional data to provide individualized support. For example, for the user who frequently overdrafts, give personalized recommendations for better money management by offering overdraft protection, a complimentary virtual meeting with a financial advisor or educational information related to your budgeting tool – all to help the user avoid fees, keep their money and improve their financial wellness.
Provide and Enhance Touchless Interactions
As the economy begins to reopen, the need for maintaining the health and well-being of your members and employees will continue to be a critical component of day-to-day operations. Make it easy for your users to get in contact with a banker, find answers to critical questions, and access and use essential tools without having to set foot in a branch.
Use your interactive teller machines (ITMs) to offer face-to-face interactions with employees or promote your digital chat capabilities so members can engage with a employee from the safety of their home. Encourage the use of cardless features like person-to-person payments, or the ability to get cash from an ATM by using the mobile app instead of inserting a card and keying a PIN at the ATM. Invite users to deposit checks remotely using their mobile device. And make sure to evaluate your mobile remote deposit capture limits and adjust as needed to accommodate your users during this time.
The lasting impacts of these challenging times will continue to transform the day-to-day lives and activities of consumers and businesses alike, including the ways they interact with their financial institutions. Maximizing the capabilities of digital banking – and continuing to deliver and enhance touchless experiences – will enable financial institutions to stay connected and support their users today and into the future.
Doug Brown is SVP & General Manager for NCR Digital Banking in Redwood City, Calif.